Fund matching, a concept pioneered by Development Finance Institutions (DFIs) in Nigeria, has since been adopted by other financial institutions as a means of making credit and finance available to micro and small businesses (MSEs). The fund matching partners (usually a financial institution and an MSME-promoting institution/government) must share the risks of raising money under the plan.
All appropriately qualified micro and small companies (MSEs) located in Katsina, Nasarawa, Niger, Kogi, Jigawa, Bauchi, Adamawa, and Gombe are invited to apply through the joint program partners, Jaiz Bank Plc and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
It should be obvious that the program specifics outlined in paragraphs 1–3 above serve as the foundation for considering funding requests under this program.
Applications for facilities under this program from qualifying micro and small firms will be accepted for a period of six (6) weeks or until the authorized quota of business plans per participating state is exhausted (whichever comes first).
The financing duration is for a maximum of 30 months, beginning with the first disbursement date. This includes a moratorium (which can last anywhere from 3 to 6 months, depending on the type of business).
Beneficiaries must fill out a finance application form, sign all necessary documents with Jaiz Bank Plc, and pay all approved charges (including a N5, 000.00 application fee and N5,000.00 for the cost of conducting a credit search on beneficiaries on at least two (2) Credit Bureau sites for processing facilities in accordance with CBN regulatory provisions, as well as RTGS transfer fees).
For both fees, the total is N10, 000.00. All beneficiaries are covered by NAIC’s obligatory Agricultural Insurance and a reputed Takaful company’s key man Takaful insurance for the duration of the project.
Security that is applicable: Processing of this facility will necessitate the fulfillment and provision of the following items in accordance with the conditions/provisions of this program:
- Give your bank’s verification number (BVN).
- Execute the order for a Global Standing Instruction (GSI).
- Credit Guaranty Coverage from NIRSAL.
- In accordance with CBN policy for facilities/financing above N500, 000.00, a moveable asset must be registered with the National Collateral Registry (NCR).
- Keyman risk Takaful insurance cover.
Click Here To Apply
For further information, please visit: Visit the smedan/jaiz bank matching fund program 2022 for micro and small enterprises (MSES) website for more information.
Source: Nyscinfo
thank you from business sitori
Abubakar